The Ethereum-based cryptocurrency, 0x (ZRX) gained over 13% on Tuesday after Coinbase exchange officially added it to its platform.
In addition to Coinbase’s initial announcement on October 11th, that they’ll support ZRX, the exchange is also allowing full-on trading capabilities for the altcoin. This is the 5th tradable cryptocurrency on Coinbase and has many market participants wonder why it was chosen. After all, Coinbase had a choice to add top-performing cryptocurrencies such as Ripple’s XRP or Stellar Lumens (XLM) to its platform.
0x is ranked 24th based on market capitalization, but the Coinbase listing could help it climb up to top 20 in the next few months. One of its unique features is that its both centralized and decentralized, meaning it facilitates fast exchanges, like a centralized platform, and secure transactions, like a decentralized blockchain. On top of all this, 0x has lower fees than Bitcoin (BTC) and Ethereum (ETH).
Looking at its price action on the daily chart, ZRX/USD tested above the daily Ichimoku cloud on Tuesday after the news, reaching a key pivot and 23% Fibonacci retracement level of 0.86. While we could expect a pullback based on Ichimoku Kinko Hyo guidelines, the door is now open for further gains towards the 38% Fibonacci level of 1.09.
Now I’d like to hear from you. What do you think about Coinbase adding 0x instead of other famous altcoins? How bullish or bearish are you on the cryptocurrency? Let me know in the comments.
*This article was originally published here